# Cushman & Wakefield Limited (CWK)

> Source: Nexqual · https://nexqual.com/CWK · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Cushman & Wakefield Limited (CWK), nexqual.com/CWK" · informational, not investment advice.

**Price:** USD 12.1 (+4.49% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 11.58 · day 11.5–12.21 · 52w 10.88–17.4 · market cap $2.84B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $10.8B, net income $69.1M (0.6% margin), free cash flow $249M (SEC filings).
- Valuation: P/E 41.1x (avg 33.1x at the last 2 fiscal year-ends), EV/EBITDA 8.6x, net debt $2.15B.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $854K; 4 not under a Rule 10b5-1 plan ($854K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (12 analysts), mean target USD 16.36 (range 13–19).
- Total return with dividends: 1Y -28.0% vs S&P 500 +14.9%; 5Y -35.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.36, revenue estimate $2.79B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $9.39B | $10.1B | $9.49B | $9.45B | $10.3B | $10.8B |
| Operating income | $497M | $535M | $206M | $339M | $453M | $477M |
| Net income | $250M | $196M | -$35.4M | $131M | $88.2M | $69.1M |
| EPS (diluted) | $1.10 | $0.86 | -$0.16 | $0.56 | $0.38 | — |
| Free cash flow | $496M | -$1.6M | $101M | $167M | $293M | $249M |
| Operating margin | 5.3% | 5.3% | 2.2% | 3.6% | 4.4% | 4.4% |
| Net margin | 2.7% | 1.9% | -0.4% | 1.4% | 0.9% | 0.6% |
| Revenue growth | +19.7% | +7.6% | -6.1% | -0.5% | +8.9% | — |
| Cash + short-term investments | $771M | $645M | $768M | $793M | $784M | — |
| Total debt | $3.26B | $3.26B | $3.24B | $3.04B | $2.74B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 41.1x · P/S 0.3x · EV/EBITDA 8.6x · EV/Sales 0.5x · P/FCF 11.4x · P/B 1.4x · FCF yield 8.77% · Earnings yield 2.43% · Net debt $2.15B · EV $4.99B
P/E at fiscal year-ends: Dec 2025 43.1x, Dec 2024 23.2x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-08 | Robinson Nathaniel | See Remarks | 12,500 | $167K | 17.6% | No | Too little history (no open-market trades in 2025) |
| 2026-08-13 | Sayed Laurida | See Remarks | 16,000 | $222K | 74.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-04 | Robinson Nathaniel | See Remarks | 24,828 | $329K | 25.9% | No | Too little history (no open-market trades in 2025) |
| 2026-05-12 | Robinson Nathaniel | See Remarks | 10,000 | $135K | 9.5% | No | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 12 analysts; mean target USD 16.36 (low 13, high 19).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Morgan Stanley | Target lowered | Overweight | $19 → $15 |
| 2026-10-22 | Citizens | Target lowered | Market Outperform | $19 → $16 |
| 2026-08-17 | Barclays | Target raised | Equal-Weight | $15 → $16 |
| 2026-08-10 | UBS | Target lowered | Neutral | $17 → $15 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -28.0% | -35.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -28.1% | -8.2% |
| Volatility (annualized) | 45.3% | 45.8% |
| Max drawdown | -35.8% (Jan 2026→Oct 2026) | -71.1% (Feb 2022→Oct 2023) |

## Peers (Real Estate Services)
IHS (IHS Holding Limited) USD 8.45 +0.24% · NMRK (Newmark Group, Inc.) USD 11.82 +2.96% · OPEN (Opendoor Technologies Inc) USD 2.02 +3.59% · CIGI (Colliers International Group In) USD 96.46 +4.00% · FSV (FirstService Corporation) USD 147.22 +7.78% · COMP (Compass, Inc.) USD 9.97 +2.57%

## More
Full page: https://nexqual.com/CWK · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CWK's own 10-K filed 2026-02-19 (https://www.sec.gov/Archives/edgar/data/1628369/000162836926000008/cwk-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | FEDERAL HOME LOAN MORTGAGE CORP (FMCC) | "On November 27, 2023, Greystone Servicing Company LLC ("GSC"), a wholly-owned subsidiary of the Greystone JV, entered into an indemnity agreement with Federal Home Loan Mortgage Corporation ("Freddie Mac"), which agreeme…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $2.00B | 72.3% | +10.7% |
| APAC | $469.7M | 17.0% | +11.8% |
| EMEA | $295.1M | 10.7% | +13.6% |
| Total revenue | $2.76B | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $7.08B | 68.8% | +5.9% |
| All Countries Excluding United States Australia Singapore | $2.29B | 22.2% | +19.2% |
| Australia | $501.8M | 4.9% | +7.6% |
| Singapore | $420.7M | 4.1% | +10.5% |
| Total revenue | $10.29B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 70% of revenue from unnamed direct customers (10-K, filed 2026-02-19).

## Company outlook (8-K filed 2026-08-05)

- "Services revenue was strong across all segments, led by higher facilities management revenue, which increased approximately $55.0 million including through new client wins and the expansion of existing client mandates and higher project management revenue in the Americas and EMEA, which increased approximately $27.0 million and $20.0 million, respectively."
- "Services revenue was strong across all segments, led by higher facilities management revenue, which increased approximately $133.0 million including through new client wins and the expansion of existing client mandates and higher project management revenue of approximately $91.0 million."
- "Changes in expectations and forecasts may materially impact the provision for loan losses in the August 5, 2026 Page 5 future."
- "August 5, 2026 Page 6 Cautionary Note Regarding Forward-Looking Statements This release contains forward-looking statements, which rely on a number of estimates, projections and assumptions concerning future events."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.36 | $0.36 | -0.0% | $2.79B | 12 |
| Next quarter (ends 2026-12-31) | $0.60 | $0.61 | -2.3% | $3.08B | 11 |
| Current fiscal year (ends 2026-12-31) | $1.45 | $1.46 | -0.4% | $11.18B | 12 |
| Next fiscal year (ends 2027-12-31) | $1.66 | $1.66 | -0.2% | $11.87B | 12 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±18.1%; last 8 reports averaged ±6.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 59.5% | ±18.1% |
| 2026-12-18 | 56 | 51.9% | ±16.7% |
| 2027-02-19 | 119 | 78.0% | ±35.5% |
| 2027-05-21 | 210 | 65.9% | ±39.3% |